“We were all aiming at the same goal. Both owners and managers, as a group together, wanted the MBO to happen. But none of us had done anything like this before and lacked experience and knowledge. We needed advice but we didn’t want any potential confrontation and disruption to arise that might impact on the business.”
“John got to grips with the situation immediately and recognised that he would have to work with all parties to structure a fair deal for everyone. He undertook this role with immense skill, acting as sounding board, mediator and decision maker as the situation required. He also applied his expertise in the funding market to secure the necessary finance to get the deal done.”
“John has continued to be a regular visitor to the business and has always found time to talk through any issues we have been facing.”
Ben Hudson, director
Tim Holt had owned and run Totalduct since 1999 and established it as a small but successful engineering business specialising in ventilation services and fabrication.
Tim wanted to exit the business to pursue business opportunities in America and saw the solution as a Management Buy-Out.
With the management team expressing a strong interest, it was agreed to appoint an adviser that could work with all parties to deliver the deal. Skye Corporate Finance was appointed with a brief to look at value and structure before working closely with the management team to produce a business plan to present to a selection of banks.
Skye then led negotiations with the banks, including the removal of personal guarantees, and flexed the deal structure to fit with the offers of finance before project managing the transaction to completion against a tight timetable.